Xpansiv, a global energy infrastructure company, is acquiring Formbay, an Australian platform that uses artificial intelligence to verify and manage renewable energy certificates. The deal represents a significant shift in how clean energy systems operate behind the scenes, automating the paperwork and verification processes that have traditionally slowed down solar adoption. Formbay currently handles roughly one-quarter of Australia's Small-scale Technology Certificates (STCs), creating nearly 100,000 certificates daily and processing one in three home solar installations across the country.

What Is Formbay and Why Does This Acquisition Matter?

Formbay operates Australia's leading platform for managing renewable energy compliance and certificates. Think of it as the digital backbone that connects solar installers, retailers, and regulators. The company has built AI-enabled systems that automatically verify renewable energy installations, validate compliance, and generate the certificates that prove energy was produced from clean sources. In 2025 alone, Formbay facilitated more than AUD $1 billion in certificate transactions and worked with nearly 30,000 registered retailers and installers.

The acquisition is significant because it merges two Australian-born companies with complementary strengths. Xpansiv brings global expertise in renewable energy certificate markets across more than 60 countries, while Formbay contributes proven, production-grade AI capabilities operating at scale in Australia's rapidly growing electrification market. According to Xpansiv's data, the company already manages around 4% of total global electricity generation and 7% of renewable energy generation through its platform, with approximately 28% of renewable energy certificates issued globally in 2025 on its registry network.

"Australia has one of the highest rates of rooftop solar in the world, a mature set of small-scale certificate schemes, and a home battery market that is growing rapidly. As a major renewable energy facilitator, we see Formbay as a natural fit within our platform," said John Melby, CEO of Xpansiv.

John Melby, CEO, Xpansiv

How Does AI Improve Renewable Energy Verification?

Formbay's AI-enabled verification and workflow technologies automate several labor-intensive processes that have traditionally required manual review. Here's how the technology streamlines renewable energy markets:

• Automated Asset Validation: AI systems automatically verify that renewable energy installations meet regulatory requirements, reducing the need for manual inspections and paperwork reviews that can delay certificate issuance.
• Faster Certificate Creation: By automating verification workflows, the platform can create certificates more quickly, enabling installers and retailers to access payments and incentives faster, which encourages more solar adoption.
• Improved Auditability and Compliance: AI-powered systems create detailed digital records of every installation and certificate, making it easier for regulators to audit compliance and reducing administrative burden on market participants.
• Reduced Administrative Costs: Automation eliminates repetitive data entry and manual verification tasks, lowering operational costs for retailers and installers, which can translate to lower prices for consumers.
• Scalability Across Markets: Formbay's technology can be adapted to renewable energy markets beyond Australia, allowing Xpansiv to extend these AI capabilities to additional countries and certificate schemes.

Combined with Xpansiv's AI-enabled registry and market infrastructure, these capabilities create opportunities to accelerate verification processes, improve data accuracy, and scale environmental markets more efficiently across borders.

What Changes for Customers and the Broader Energy Transition?

For Formbay's existing customers, the acquisition brings stability and expanded resources. The company will continue operating as the trusted technology partner for retailers and installers, with no planned changes to day-to-day operations, platform access, pricing, or customer relationships. However, customers will gain access to Xpansiv's global market infrastructure and deep expertise in renewable energy markets worldwide.

"Formbay has been built alongside Australia's solar and renewable energy industry over more than a decade, and protecting the trust of our retailers and installers has always been incredibly important to us. Xpansiv understands certificate markets, regulators, market participants and, importantly, the technology required to make these markets work at scale," stated Dan Sullivan, Founder and CEO of Formbay.

Dan Sullivan, Founder and CEO, Formbay

The broader implication is that AI-powered verification and compliance systems are becoming essential infrastructure for scaling clean energy adoption globally. As renewable energy markets grow, the administrative overhead of managing certificates, verifying installations, and ensuring compliance can become a bottleneck. By automating these processes, companies like Formbay and Xpansiv help remove friction from the energy transition, making it easier and faster for consumers to adopt solar and battery storage systems.

This acquisition marks Xpansiv's 13th deal since 2017, reflecting a broader strategy to build a comprehensive infrastructure platform supporting the global energy transition. The deal is expected to close later in 2026 and is anticipated to be immediately accretive to Xpansiv's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) upon closing, pending regulatory approval.

For Australia specifically, the deal reinforces the country's position as a leader in distributed renewable energy and electrification. With one of the world's highest rates of rooftop solar installations and a rapidly growing home battery market, Australia has become a testing ground for technologies that can scale globally. By combining Formbay's proven capabilities with Xpansiv's global platform, the acquisition creates a model for how AI-powered infrastructure can accelerate clean energy adoption worldwide.